Will Bitcoin payments succeed?

More than a decade after Satoshi Nakamoto created Bitcoin, conceived as a tool for electronic monetary transactions between peer-to-peer users, its predominant use in the modern era remains largely unchanged from its original use as a store of value.

The speed and levels at which BTC transactions are currently taking place are similar to the standards of 13 years ago. CryptoQuant CEO Ki Yong Ju noted the stagnation in BTC transaction speed.

Zhu added that this is indicative of the widening adoption of Bitcoin as a store of value or digital gold rather than a currency to be used in everyday life.

The chart he presented shows that BTC transaction speeds are reaching 2011 levels, which indicates that the Bitcoin ecosystem continues to cripple itself in a long-term technical perspective.

Zach Rynes, Community Coordinator at Chainlink, study Bitcoin's technical limitations for payments, specifically its lack of programmability compared to Ethereum and other blockchain platforms. It highlights two main issues: volatility risk and payment accuracy, which are critical for traders

The Lightning network, for its part, offers validation solutions, but liquidity and scalability issues hinder its ability to solve BTC payment problems.

The complexity of Bitcoin payments is further highlighted by Raines' research, which highlights the need for workable solutions that uphold the principles of custody and decentralization while meeting commercial needs.

Rines argues that accepting Bitcoin's limited capabilities in terms of payment processing is essential to fostering innovation. Nevertheless, as the second-layer network continues to advance, BTC supporters are still optimistic about the growth of payments.

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